BUFFALO, NY—Sovran Self Storage has enteredinto contracts to acquire 25 self storage facilities in eightdifferent states for approximately $371 million. In addition, theself-storage REIT also announced the acquisition of five facilitiesduring the fourth quarter of 2015 and January 2016 for about $27million, bringing the total acquired and under contract to 30self-storage facilities.

The newly announced facilities include five single storeacquisitions and four portfolio acquisitions; one comprised of 13stores, and three comprised of four properties each. In aggregate,the newly announced transactions include 21 stabilized propertiesin Sovran's existing markets, which breaks down to six in Boston/SENew Hampshire; five in Central/Southern Florida; two inConnecticut; three in Dallas; one in Denver; two in the New YorkCity metro area and two in Philadelphia. A recently developedfacility in Phoenix, AZ, another market in which the company has apresence, also will be acquired.

The company also has executed contracts to acquire eightproperties in the Los Angeles, CA metro area, a new market for thecompany. Seven of these properties are stabilized and account forapproximately $167 million of the overall transaction costs, whilethe eighth property is a newly developed store in North Los Angelescounty being acquired for $18.6 million. Collectively, theproperties total approximately 2.3 million square feet of rentablestorage space. The seven stabilized Los Angeles stores account for749,042 square feet, and the newly opened Los Angeles store has79,835 square feet.